The cost to Irish businesses of cyber-related fraud has soared by almost 400pc in the space of just over two years.

The revelation came as a survey found that more than half of Irish business owners expect some form of cyber attack on their operations over the next 12 months.

A major cyber security conference, Dublin Info Sec 2016, will outline the challenges facing Ireland in a fast-evolving world of online threats.

The conference, for which INM and the Irish Independent are media partners, will take place at the RDS on November 15.

The event will see cyber security experts address topics including the threat of ransomware, human factors in cyber security, Ireland's cyber resiliency and the IT security technologies available in the face of increasing risks to Irish businesses.

In 2014, IT fraud cost Irish firms €498,000 - but that soared to more than €1.7m earlier this year and was still rising.

One survey found that 60pc of business operators expected a cyber attack over the next 12 months. A total of 45pc confirmed they had already suffered some form of online attack, while, alarmingly, 90pc of people admitted they do not believe Ireland is prepared for a major cyber assault.

The Government stressed its new Defence Forces review will prioritise cyber security.